Theory Founder Sells Miami Beach Penthouse for $8.5M

Andrew Rosen had been trying to sell the three-bedroom home since 2015

The founder of New York-based fashion brand Theory has finally sold his Miami Beach penthouse at a slight loss.

Andrew Rosen, who founded Theory with designer Elie Tahari in 1997, just offloaded his penthouse at the 163-unit, 40-story Setai Miami Beach condominium for $8.5 million. This was slightly lower than the $8.6 million he paid for it in 2013, listing and property records show.

The buyer was Capri 101 PH LLC, confirmed the listing agent, Lourdes Gutierrez of Compass. According to The Real Deal, the LLC is controlled by Jonas Barcellos Corrêa Filho, CEO of Brasif, a Brazil-based conglomerate.

The buyer managed to score himself a discount on the 2,521-square-foot home, which was built in 2004. After several price cuts since 2015 and a change of listing agents, it was last listed for $9.9 million by Ms. Gutierrez.

The three-bedroom apartment itself is on the 38th floor of the building and boasts a balcony with views of the Atlantic ocean. Amenities include access to an onsite five-star hotel and a trio of oceanfront pools.